1974-5262r272
RESOLUTION No. 5262..
RESOLUTION AUTHORIZING TRANSFER FROM IrIl'ROVEMENT BONDS OF 1955 AND 1956
TO IMPROVEi~NT BONDS OF 197.3 AND REDUCING CERTAIN AD VALOREM TAX I:E'~IIES
3HEP,EAS, Resolution No, 499D provided for the sale of $6,300,000 Improvement Bonds
of 1973 and provided for taxes to be levied from the payment of principal
and interest thereon, and
WHEREAS, It appears desirable to cancel or reduce certain ad valorem tax levies
to be levied in 1974 to the extent that such reduction is possible by reason
of transfers from the improvement fonds of 1955 fund and the Improvement
Bonds of 1956 fund, and
WHER~~1S, There is presently sufficient funds available in the Improvement Bonds of
- 1955 fund and Improvement Bonds of 1956 fund to pay all remaining principal
and interest on such bonds, and
WHEREAS, Such transfer from the Improvement Bonds of 1955 and 1956,sha11 be surplus
monies not needed for the payment of principal and interest on such bonds., and
WHEREAS, The ad valorem tax levy requirement includes a 5% excess provisions
NOW, THEREFORE, BE IT RESOLVED by the city council of tree City of Richfield,
rlinnesota, as follows,
1, That the transfer and appropriation of $100,000 from the Improvement
Bonds of 1955 to the Improvement Bonds of 1973 is hereby authorized
and directed,.
2, That the transfer and appropriation of $33,885 from the Improvement
Bonds of 1956 to the Improvement Bonds of 1973 is hereby authorized
and directedm
3o That the amount to be levied in 1974, collectible in 1975, on
Resolution Noe 4990, in the amount of $I40,933, is hereby cancelledo
4o That a copy of this resolution shall be sent to the Hennepin~County
auditor,
Passed by the city council of the City of Richfield this 8th day of October, 1974s
i
~. ,% Lgren.L Law ~' % yTayor.
ATTESTo
,~~ ~_
,;
Thomas Jo Moral: City Clerk_